Rule 107 – Crystallised charge as burden

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(1) Pursuant to Section 69(1)(s) of the Act, it is hereby prescribed that a crystallised charge on the land of a company arising on the appointment of a receiver under a debenture which created a floating charge on its undertaking and assets may be registered as a burden affecting registered land.

(2) An application for registration of a crystallised charge shall be made by lodging in the Registry the debenture and appointment of receiver with a duplicate or attested copy of each. The application shall be in Form 54 and the entry in the Register shall be in Form 55.

(3) On the registration of a crystallised charge as a burden on the land of a company, the receiver appointed under the debenture may exercise the powers conferred on him/her by the debenture in relation to such land.

(4) The crystallised charge shall not be deemed to be an instrument of charge under Section 62(2) of the said Act.

(5) On registration of the said crystallised charge as a burden, the original of the said debenture and of the said appointment of receiver shall be returned to the person lodging same.